Tele2 (Hold, TP: SEK145.00) - Turning into a Penny market
Focus in the market after the Q4 report was mainly on the new cost-reduction programme and the low-price product launches of Tele2. The cost savings were bigger than we expected, but back-end-loaded. We see the new low price brand as increasing the risk of increased price pressure in the market. We reiterate our HOLD with a new target price of SEK145 (142).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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